3. (L.O. 3) A three-year fire insurance policy beginning on September 1, 2018, was erroneously debited to the Land account when the $720 premium was paid. During 2020 the company sold all its land, reducing the Land account to a zero balance. Using the amount recorded in the Land account, the company suffered a $400 loss on the sale. Instructions: Prepare two correcting entries a. assuming that the books have not been closed in 2020 and b. assuming that the books have been closed for 2020